Economics Quiz

Economics Quiz

12th Grade

20 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

Science

12th Grade

Medium

Created by

Mokhichehra Makhmudova

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand for labor schedule is the same as:

the minimum wage rate in that economy

real wage line

supply of labor schedule

the marginal product of labor schedule

none of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the unemployment rate is above its natural rate, then:

the economy has its potential level

wages and prices will rise more rapidly and the AS curve will shift to the left

there are excess tightness in the labor market

all of the above

none of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the 1960s, the Phillips curve was:

suggestive of a permanent trade-off between inflation and unemployment

consistent with a clear negative relationship between inflation and unemployment

a very popular explanation for inflation fluctuations

all of the above

none of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The MP curve indicates the relationship between:

unemployment; prices

taxes; price level

the real interest rate; inflation rate

all of the above

none of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Only when the goods market is in equilibrium is it true that:

demand for foreign goods equals foreigners' demand for domestic goods

the amount of goods and services produced equals actual expenditure

actual expenditure equals output

planned expenditure equals the amount of goods and services produced

none of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The fundamental identity of national income accounting implies:

Expenditure = Production = Income

Expenditure = Production + Income

Income = Expenditure / Production

Income = Expenditure - Production

None of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A discouraged worker might:

be counted as unemployed

have been prevented from working during the week prior to the household survey due to illness

be waiting to return to a job from which he or she has been laid off

have tried to find a job during the month prior to the household survey, but without success

none of the above

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